Mortgage brokers increased protection sales year on year by 102% during last quarter
Technology provider iPipeline has reported that new business volumes for Q2 were up 39% when compared to this time last year.
iPipeline's existing clients contributed to a 16% increase in new business, with new clients, including Mortgage Advice Bureau and Primis Mortgage Network, contributing to the remainder.
Mortgage brokers increased protection sales year on year by 102% in Q2 while IFA business increased by 27%.
The proportion of life cover containing critical illness is currently 46%.
Life cover benefit amounts increased by 7% during Q2 year on year and multi-benefit policies increased by 68%.
Ian Teague, UK group managing director at iPipeline commented: "The continued growth is testament to the close partnerships we have in place with our existing clients and that we adopt with new clients joining the journey to help drive growth in the protection market.
"Technology is continuing to evolve leaps and bounds, helping businesses to reap the benefits of streamlined and cost-efficient operations. I'm very pleased this is enabling our provider, network and adviser partnerships to continue working towards the vision of better protecting consumers."
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